If All of the Firms in an Oligopoly Successfully Collude

question 33

True/False

If all of the firms in an oligopoly successfully collude and form a cartel, then total profit for the cartel is equal to what it would be if the market were a monopoly.

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Definitions:

Reinforcement

In behavioral psychology, reinforcement is a process by which a behavior is strengthened or increased in frequency by the consequence that follows it.

Green

A color perceived when light with a wavelength between approximately 495–570 nm is detected by the eye, commonly associated with nature and growth.

Operant Response

A behavior that is modifiable by its consequences, including reinforcement or punishment, within the context of operant conditioning.

Extinction

In psychology, the gradual weakening and eventual disappearance of a conditioned response when the conditioned stimulus is no longer paired with the unconditioned stimulus.